Browse

Minimum wage is a tool for regulating the labor market that, over the long term, causes controversy in the areas of both economic theory and practice. The goal of this paper is to present and analyze key theoretical economic approaches to the functioning of the labor market and the tools used to regulate it. These regulatory tools significantly influence the labor marketВ’s allocative efficiency, and we generally consider the institution of minimum wage to be fundamental part of this trend. Therefore, in this pape...